All Forum Posts by: Darryl E Johnson

@Darryl E Johnson  if you're in state and self managing, I would recommend lowering the price to $1,800. I think painting the walls a neutral color would also help a lot as well. Set 1-2 periods of time each week that you'll be able to show prospective tenants to save your on time - if you can, get them to apply before showing to make sure they meet your qualifications. 

If you're not local - find a solid PM

@Darryl E Johnson The price seems reasonable to me based off a quick glance at comps. 

Two things come to mind:

1. The interior color is off putting -- tenants prefer neutral colors. They'll most likely take a quick glance at the online ad then move on to the next ad due to the wall color.

2. Time of year -- we're still in "low leasing season" meaning the pool of applicants is smaller and properties, on average, stay vacant a little longer compared to the high leasing season in summer.

@Darryl E Johnson

This question comes up from time to time. Every time i say the same thing…get a FOR RENT sign and stick it in the front yard. Don’t complicate it.

@Darryl E Johnson The changing market will make finding good tenants more challenging in 2023!

There are really only two main reasons a property doesn't rent out:

1) Not enough exposure to the right target audience

2) The audience doesn't like the price-value relationship

To drill down on what the problem is:

How many views are you getting?
---Not enough is a sign that the property is not getting enough exposure, has a bad initial view or is priced way to high

How many inquiries are you getting?
---If a decent amount of people are viewing it, but not inquiring for more info or a showing, then they are not liking what they see when they view the ad. Either price is too high for what it is, or has bad pics or bad description or not enough showing availability.

How many showings are being scheduled?
---Not enough is another sign that price is too high for what it is or has bad pics or bad description or not enough showing availability.

What percentage of showings actually happen?
---If too many showings are cancelled, curb appeal may be an issue or may be part of the market and more confirmation is needed.

Lots of showings but few applications?
---Usually a sign that price-value is perceived to be out of line. Need to lower price or improve the product.

Some more ideas:

1) Is it on the MLS so other agents can show it?

2) Are they offering self-showings?

3) Have you reviewed the ad type and pics on your phone (how most prospects will look at) to verify acceptable?

4) What MoveIn Specials do they suggest?

5) What Along with 3-D Tour, what about a floorplan?

Ask your PMC a LOT of questions about what they are doing and try to brainstorm fixes.

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Hey Darryl, 

Definitely reach out to a solid property management company to help you! Also, maybe your rent price is too high for what you are offering?  

I know dropping the rent price is not something that is helpful for cashflow, but having no tenant is not helping either. You never know if dropping $100/month entices someone.  But go the property management route first, unless you really want to self manage.